NTA (1963) LIMITED (LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 NTA (1963) LIMITED (LIMITED BY GUARANTEE) Contents of the Re Directors, Report Pages 3-7 Statement of Financlal Artlvltles Page 8 Balan￿ Sheet Page 9 Notes to the Financial Statements Pages 10-18 Report of the Independent Examiner Page 19 The DireLtors present their rewrt and the financlal statements for the year ended 30th Septemter 2025. srATUS A 119631 Llmlted Is reglstered In Eryland and Wales both as a company limited by guarantee number 937035 and as a registered tharlty number 288846. The company changed Its name to NTA {19631 UMTr Irom the Trolleybus Museum Company Llmited on P June 2012. The Company Memorandum of Assoclatv)n sets out Its obJects and powers and governed uThJer its Artkles of Ass￿lat￿)n. The Ct)mpany also oFerates under the name of Na￿Onal Trolkybus AssctJatlon. MEMBERSHIP Membershlp of the Company at Octokr 2025 was 391 paying memkrs plus 11 honorary membels, a total of 402 èlthough some late renewals were expected lat September 2024- 4101. Annual subscrlptlons were Increased from l Ottober 2024 to the folk)wlng: United Kingdom.. £29.00 p.a.1£55.CKI for two years Rest of Europe.. £33.00 p. Rest of the Workl.. £36.00 p.a. Thls Is the flr5t Increase f¢y five years and refkn general inflatiL)n and postal charges. Each member of the Company guarantee5 the debts of the Company to a total of £1. Thls guarantee ontlnues to hold well for up to one year after ceaslng to be a member. OBJECTIVES AND PUBLIC BENEF￿ sfATEMENr (a) To advantt publlc ed￿afjon by estsbllshlng and malntsinlng for the benefft of the naUon an operatlng trolleybus museum and for the like purpose to promoie the pemianent preservatyon of omnibuses and trolley vehicks and equlpment, and Items of general transport interest of actual or entlal historfc or sdentlflc Importan￿ and educauve value. (b) Exhlb(clng to the publk any such vehldes, equlpment and ￿mS as aforesald by means of temporary or permanent exhibititins and to demonstrate and a￿[St In demonstratlrrfj to the public the worklng 8t￿ OFeratk)n of any such vehicles, equitrfnent and thms by means of Sts￿c or rn0￿ dlsplay5 and by carylng the publlc such vehlcles cff otherwlse. (cl To promote and further the study of and research Into trolley vehicles and trolley vehlcle underta￿ng5 and other forns of transport and the historh?I, sdenJfic. sock31 and other a5petts thereof and to publlsh the results of all useful research for the ￿nefit ol the publk at krye, PRINCIPAL AcfivITIES AND BUSINESS REVIEW In pursuan￿ of its oblettlves, the Company underto)k the following act￿￿e$ dudng the year. a) Ownershlp, R8Storatton 4rKI Presetvatlon of Hlstoric Trolleybuses for Publlc Exhlbltlon Belffast 94 an AEC trolleybus of 1943, had been stored by the Ulster Folk Museum at Cultra near Belfast for many years. The museum Intended to restore the vehtle but lacked the fund5 to do so. In 2025 the museum was assesslng the fuiure of 98 and it was offered to the NTA for a nomlnal sum on the understandlng that we would resto￿ the vehlde. It became the shth trolleybus In the NTA'S ￿rrent fleet and was moved to England. Restoration work has started wlth the InltlaOve of Barry Coward, Brfan Magulre and Jame5 Ra￿. The lyJard wishes to record Its thanks to them. Be/fast16& A 1949 Guy BTX wfch è body bullt In Northern Ireland by Harkne55 was the lasi trolleybus to operate In Ireland In 1968. It wa5 moved to Ellough In earfy 2023. An appeal for donatbns wa5 boosted by putAication of the History of Belfast Tmlleybusesby TmK/ey£voks In 2015. Donations of over £33,2￿ have been r￿1ved, Including Gift Ald, and restoratK)n work has cost £115,OCQ so far, Includlng rent. Re5toraUon was well advanced In 2020, when new ￿ndoW pans were fltted: tmjt was Interrupted In 2021 and the Eoard wlshes to resume the work to the hhjh quallty already achieved. During 2023 addltlonal spares were purthased that could te used In 168 or other vehldes. REPORT OF THE DIREcro (Contlnued) Bournemouth 202. A gjnbeam MS2 bullt In 1935 and converted to open-top confyjuratlon In 1958. tt 15 one of only two open-top trdleybuses in the Ylorkl and Is In active museum se￿￿ at the East Anglia Trdnsport Museurn. The loan agreement with EATM was renewed in 2025. It was repainted by contsatttsrs In 2025 and Ls bad¢ In Serv1￿ at EATM. The PA)ard wbshes to thank Connor Drage for malntslnlng the vehlde whlle on loan to EATM. Hastlngs45. A three.axle slngle-decker w￿h Guy d)assls and Ransomes, sIn￿ and JeffrÈs bcly of 1929. A fund for Its restoratlon stood at £18,363 at September 2025 but there 15 no ￿stOratIon plan yeL Huddernfie/d541. A Karrler MS2 w￿h 70 seat Park Royal bodytr entered Se￿Ce In 1947 and, In 1966, became the first privately preserved trdleybus In the UK to operate on another trolleybus system, when was used for a tour of Wolvethampton. Restoratlon to operatlng condrtlon was completed In 2010 and 541 began seryio at the Trolleybus Museum at Sandtoft on 29th August 2010 where it is housed under an agreement which runs from 1st January 2023 undl 1st January 2026. The cost of stornge has been largely covered ty gener￿S donauons frcffl our member Davkl Beach, In 2013 the vehkle 0￿ratsd at EATM for a weekend with 202 In ￿let￿atiOn of the 50th annfversary of the rwA. In 2018 It ran at the 50th annlversary of the dosure of Huddersfleld trolleybuses event at SandtoiL followed by a slmllar event In 2023. The Board wlshes to thank our member Davld Beach for hls contlnued generous support for thi5 vehide and Sandtoft volunteers who kindly Icok after $41. Wolverhampton 654. One of the last trolleybu5e5 bu1￿, belng a BT Model of 1950, was moveij tts the rA store at Ellough In 2022. The fund for the restoration of the vehide stood at £12,814 In September 2024. A small group of supwrters contributes to the houslng and reStOra￿On of 654. In addltion, the Board was surprised and gratlfied by a very generous donatk)n by our member Alan Murray¢ a fomier chalrman. It comes at a key moment as thls vehlcle Is our Cu￿nt major reStOra￿On prolert. It was moved to bodywork restorers In Surrey In December 2024 and bc4Jy restorauon 15 In progress. The restoratlorb hJrNJ sto)d at over £72,001 In Septernber 2025 but rnuth more money will iE needed. Maypine Trnlleylws and Equlpmert The Y3 scale trolleybus system constru¢Xed by wr lats member Peter Lepine-smith, wa5 bequeathed to the NTA and wa5 removed to the store at Ellough for the time belng. It comprlses a mlnlalure Reading trolleybus and a tower wagon together wth overhead wiring, Indudln9 fr(KJs. We hope that the system can be Instslled at a transport museum for the enioyrr*nt of t publL The first step5 are telng tsken to tra￿ the Yeh￿Ie wiring and resto￿ it to worklng ordw. Storage Deprt. Our buildin9 at Ellough In Suffolk Is held C￿ a 99-year lease and the ￿rA took possession In Aprll 2018. It Is Induded In the accounts as a Tanglble Asset The locatlon Is cl￿e to the EATM at Carknn Colville. Apart from trolleybuses, It has space for archives and spare parts storage. The dimensions of the depot are such that up to four of the NtA's slx trolleybuses could be hwsed but the Intentton Is that, In nornNal cIrcuMstan￿S, It wlll accommodate three veh￿leS. The costs of construdon were met from donations and frcwn the NTA'S own resOUr￿s, including contributions from the Wolverhampton 654 and Hastlngs 45 funds whlth were agreed wlth donors. b) Publlcatlon of Journal The Company continues to produ￿ fr￿￿￿b￿S Magaz/￿ bl-monthly ITMI to wovlde Inforrnauc￿ about thls fom) of transport, The magazine hè5 estab115hed a hlgh reputstion for accurary of conten¢ qualty of presentation and worfd-wide breadth of toverage. Issues 378-383 were publlshed In fvll colour Sn 2024125 In A5 fvmat wkh 40 pages plus covers. The Editor, Carl Isgar, and Directors would Ilke to thank all those who asslsted w￿h TM partlcularfy the News Edlt¢r, Peter Haseldlne and the distributtrjn undertaken ty David Pearson and all those contrl)utSThJ artldesi pILtures and letters to the Magazine thls year. on nued c) Website Since 2023 the web address of the NTA has been iona . The Board wishe5 to record Its thanks to Ashley Hoare who set up and maintslns the present site as a coniTaCtor. d) Meetlngs Regular meetlngs were held at Keen House, Calshot streeL London on many topt5 related to Britlsh and foreign trolkybuses. 10 mee￿n95 were hekl in 2024125 and, befften NoVeM￿r 2024 and Marth 2025, were held In the aftemoon. Members are also welcomed to meetings In Readlng and Bradford by ￿0proc31 arrangement wlth other ￿etIes. Meetlng5 are organlsed by hhn Par￿n who ￿Ukj welcome suggestlor6 for meetlngs and presenter5, e) Trolleybooks (Joint Venture wlth Brltlsh Trolleybus Sociaty) Trolleyb(M)ks Ss managed by a Panel of Six members, three from each organisatk)n. The ￿rA rep￿Sentst￿es are Ashley Bruce, Mlke Russell and Ed Humphreys. It alms to publlsh work5 of IMP)rtan￿ on trolleybus history and to generate funds for trolleybus restorauon. The Panel is abty assisted by volunteer5, Includlng our member Rdand Box, fornier edltor of TM. In late 2024, Trolleybooks published volume one of a two volume work on" London Trolleybus Operation" by K. Farrow, C. Holland ènd R. Smth. It retslls at £45 and ha5 312 page5 with many maps and Illustratlons. The WA Invested £1,600 In the prlnUng of thls book whlch was repald In 2025. profits from s8les re￿Ived in 2024125 were £3,200. Volume 2 of thi5 work is expected to appear in 2026. A book on Bradford trolleybuses and overhead by A. Fether was publlshed In 2025 and varknus other dtles We￿ in preparat￿rn whlch Include a second edltlon of Hull Trolleybuses, mud) expanded, and, we hope. Trolleylwks wlll publlsh an album Prepared in cc*operation wSth the Onllne Transport Archlve. f) Sale$ The Company nom)ally sells putAlcatlons and vpdeos at London NTA meetings and often at London TLRS meetSngs. Sales attended 10 events In 2024125.. the Solert M¢x1el Tram Festfval, Theydon Bols, Brooklands, FATM, Sandtoft, two book and Co1￿ctOrs, lalrs at Elstree, ￿0 events at Pud5eyi and the Crlth Models event. The NTA mall￿der servke run by our Sale5 Offi￿r, Phlllp Johnson, Includes trolleybus and tram publlcadons from home and abroad, back numbers of TM and wdeos and OVDS. Revenue thi5 year improved whh substanfjal sales of donated Items and some new publicatlons. Overall results showed hlgh sale5 volumes wlth gro￿ taklngs after deductlng kK)stsl eX￿nSeS of £12,300 and net takJng5 of £7,500. g) Collections The C￿npanY owns the followlng cojlettions of trolleybus photographs Ythich are teing digit￿ed. l. The Mack Colleth'on ttstsls over 6,300 negatives of UK trolleybu5e5 acquired from the estats of R. F. Mack In 1987 for £700. These photegrdphs were mosdy tsken betsveen 1946 and 1972. Some of the collethon has been used In rm/leyLvokspUbll(zt￿￿5. 2. The Breadey Collectvjn of atmjut 350 nega￿￿ whFth was left to the Company when Harold Brea passed away. The collection covers the period 1900 tts 1972. 3. The Leplne-smlth collectlon, Malnty of London trcAleybuses In the °Dl¢JJlerf era, comprfslng SO￿ 227 Images. In additbn, the NTA archlve was establlshed In 2025 to Indude perfcKllcals and documents on trdleybus history and rnatsrial o the history of the NTA. It Is kept at Ellough under the supeNlslon of DavSd Pearson. It Includes a collertion of provlncbl Brrtlsh trolleybus tlmetables donated Sn early 2015. Other vintsge metsbles are belng added when ph)sslble; the Company also holds an extenslve number of dlagrams of trolleybus wlrfng tsyouts In Its overhead wlrtng re(Drds, REPORT OF THE DIRECTO FUTURE ACTIvrrIES The Dlrectors continueij all operattons durlng 2024125 and ￿an Ilkew15e fgr 2025126. The Dlrecfy5 a committed to obtalnlng the flnan￿ to restore and safeguard the NTA'S kyesetved trolleybus Ile< to contlnue the publlcatrjn of TM to the hlghest standards and to maintain an NTA website to at￿tt more vlsltots and n*mLws. FINANCIAL RESULTS AND RESERVES The ￿eSu￿S for the year are set out In the assodated accounts whlch have been subject to Independent Examinatlon. The re￿rt of the Independent Examiner Is Included In the accounts. The Income for the year wa5 £113,000 Includlng donatlons of roundty £80,000. DonatTons to restrKted funds Included £1,326 towards the restoratlon of Belfast 168, £2,200 for Belfast 98, £930 for Hastlngs 45, £710 for Huddersfleld 541 plus £170 paid by Sandtoft for ts operauon. There was also a very generous glft of fr Wolverhamrrton 654. We also received donat￿n$ of £1160 towards the MaIntenan￿ and upkeep of Bcxjrnemouth 202 at EATM. These donations are eliglble for Glft Ad. Followlng a perf¢)J when no (Yft Afd was dalmed, a cklm for donatlons and substhptions for 2021122 and 2022123 was made, ylelding £3,364. Thls year we recelved over £4,500 In Interest on two Investsnent funds. ExpendotU￿ was roundty £62.500. of whld) the largest expend￿re kem was over £36,(X)O C￿ the n￿Vernent and restoratlon of our vehldes. We spent £12,297 on the prc*us Magazine, was appolnted as a member of the iK)ard at the AGM ￿ 26 July 2024. DIREcfoRS All Direttors are memLErs of the Cempany. The fdlowlng Dlre(tots hebj office durfng tFR year.. E. M. H. HUmph￿v$ C. F. Isgar D. M. Lawren D. B. Pearson J. C. Retallkk M. J. Russell T. A. Sthbbs J. H.Ward Secretsry (from 13 May 2025) Board mern￿r and TM Edltor Chalrman and Membershlp Secretary TM Dlthbvtlon Treasurer Board Member Board Member Board Member (from 13 May 2025, fomer Secretsry) DIRECTORS, RESPONSIBILrriES Cornpany Lav¥ requlres the Dlrectors to prepare financlal ststements for e￿h financial year whkh glve a true and fair view of the thte of affalrs of the chartsble company as at the balance sheet date and of r Incomlng resourw and app11Cat￿Tr of resource5, induding income and exFendlture for the financial year. In epartng those financlal strtements, the Directors should follow best practs.￿ and: se￿t Su￿b￿ accountlng pw)Ilcle5 and then apply them c￿SIstenty. make Judgernents arKd estinates that are reasonable and prudent. and prepare the flnanclal statements on the going cOn￿M bbsls unless It Is Inapproprfate to presume that the company wlll contlnue In b¢JslnesS. The Dlrectors are responsible for keerAng prO￿r accountir4J record5 whlch dlsck)se wlth reasonable accurary at any tlme the flnanclal of the d)arltabie ccmpany and to enable them to ensure that the rinanclal *atements comply the Companks Art 2tM)6. They are also responsible for safeguardlng the assets of the charltable company and hence for tskbng reasonable steps for the preVen￿c￿ and detethon of fraud and rAher irregularftles. This reixrt was prepared in accordance wlth the Ststement of Recommended Practlce: Accounlong and Reporting by (hèrltres (Issued In March 2005) and In accordan￿ wth the FlnancLIl Rep0￿rrtj Standards for Smaller Ent￿￿ (effethe April 20081. Approvgj by the tirettors on 2rd June 2026 and svjned on their behalf by: D. M, Law￿nce a)alrman E. M. H. Humphreys Company Sffttary Cornpany Ragistralion Number Charity Registration Number 937035 268846 NTA (1963) LIMITED STATEMENT OF FINANCIAL ACTIVITIES for th8 year ended 30 SEPTEMBER 2025 Unresiricted lund* Restricted funds Total funds 3010912024 In¢ome (Note 31 Incomo and endowment¥ fiom Gr•nts t4•e•￿d DonalioD¥ pndleaacie ChBit&ble aC￿Vit￿o 1.630 26.639 780 4,766 78,812 80,442 26.639 9,096 26.407 780 cMheracts￿ts8 170 Inv¥gtrnen Total Expèndlture (Note 41 Expenditum on chath¥b￿ aCbVrfie* 24,560 345 288 389 36,946 61,506 345 288 24.895 830 1,623 433 GovomAnc• Othor Total Net ineom•llèxpenditurel bofore Investrn•nt galnslllosseg) Unreaslised Valuauon ol Heritage Ay3&ts (Note 101 Not galn (Lossl In Trolieybooks (Note 151 Net In¢omellexpenditurél Transfors between funds Net movement In funds 8,235 42,036 SD.271 9.220 50D 5c*) 1.974 1,974 2.072 8.735 44,010 11,813 55,823 52,745 11,292 3.078 Reconclllation ol funds (Note 14) Totsl fvnds brought fonvard Total funds carrled forward 5,813 86,608 5B1.1Z9 ,421 fj4 Page 8 Company Regi51r81lc￿ N￿1b Cbarlty R4gistrofjon Nurnber $37035 28884S NTA {1963) LIMITED BALANCE SHEET AT 30 SEPTEMBER 2025 Unr•8trl¢*d RestrfEt9d furndB lunds rotsl th18 y•gr 304pp.24 Nots Fixed assets Tanglble assets Intanglble a5&e18 Hefltago assets 141.262 141.262 142.806 47,600 47.600 47,100 189.9115 Totsl fflxadassets Current a38ets Investment Stock8 Dobtors Cash at bank 5,642 5,842 7,228 15.836 439,317 468.223 7.368 7.151 11.376 388,829 414,724 7,228 8.450 354.376 367,054 10,3B6 84,941 101,169 Totsl¢uffentos¥ets Crgdltors: amounts falllng due wlthln ono year 9.713 9,713 11,498 N•t ¢urrnntassets 403,226 rolal assets less cwrentllabllltles 593.132 Credltors.. amounts talling due after ¢2n& year 2.206 2.206 711 rotsl n81 assets 402,735 242,431 645,166 592.421 Funds of the Charlty RBStrl¢ted Incomg funds Uniéstslcted funds 242,431 242.431 402.735 186.608 405.813 592,421 402,735 Total funds The cvmpany way enwtred to exempllon fmm •udit tsnders47Tolthg Companles Act2006 rnl•UnAT to small wnwgnle& Tne memtsgrs have notrgqyireL4 the companyto obl8ln 8n audltin •C¢ordan￿ secuon 476 of the Compthnlos Act 2006. Th• dlre¢torSack￿o￿OdYP thdrresponslbllllles for complylng wlth the￿qUI￿￿ents of Ihe Comp8nles A¢t wlth respect ts •Èeountln9 records thopreparallon of account5. Thtrse 8ccounts hav8 been pr8par¢d In Jccordanee wlth thepmv151on5 applicable to small COM￿￿1*$ $ubJK¢ to the sm811 compwies rnglme 8ndlft actordance wlth FRS102 SORP. DHle of approval S￿r￿d by￿0 ortwodlreGtois b8h¥tof 811 diredors Slon and Prfnt Narno DAVlb MI¢¥ALL SignatLV¥ oldFKror 8uthenbcaling actounb to Comp3nles House Siun artd Print Name ddlmmlw ots12*lL Prlnl Palle 9 NOTES TO THE ACCOUNTS Note 1 Basis of preparation 1.1 Ba818 of accounting These accounts have been prepared under the hislortcal cost convention wlth Items recognised at cost or Iransaetion value unless otherwise Staled in the relevant notes lo these accounts. The aG¢ounls have been prepared in accordance with.,.. al the Statement of Recommended Pracllce Accountlng and Reporting by Chatllies preparing their accounts In ac¢ordance wllh the Flnancial Reportlnq Standard appllcable in the UK and Republ￿ of Ireland IFRS 102) applKable in the UK and Republic of Ireland IFRS 1021 issued on le July 2014 together with Update Bulletsn 1 bl the Financial Reportinll Stsndard ap￿1¢able in the Unfted KinAdom and Republic of Ireland IFRS 102 i89ued March 2018). I the Companies Act 2008. d) the Charltles Act 2011. Thg charity constitutes 8 publi¢ benefit entity as defined by FRS 102. 1.2 Golng concern The Dlrectorg congider the Charity lo be a golng concem. In ￿achIng this declsion, the following factors were relevant.. a} The Charity is sohfenl b> There are no potential bad debts that would affect liquldlty c} There are no signfficant creditors or contingent liabilities that would affed liquid d) There are no outstanding overdrafts or loans 1.3 Change of accountlng pollcy In ac¢ord4n¢e with the Charity SORP. the accounts now in¢orporale 8 50% investment in a joint venture with another UK Charity. Further infomation - see Note 15. 1.4 Chang•s to accountlng estimates A fair value for the Heritage Assets was introduced In 2019- see Note 10. 1.5 Material prlor year errorn No material prior year errors have been Identffied in the reporting year. Page 10 NOTES TO THE ACCOUNTS (Continued) Note 2 AcGountlng pollcles 2.1 INCOME R•coanlt]on of Incomo These are Included in the Stslement of Finan¢l81 A¢¢lvilies (SOFA) when the Charfty btscomes enlrtled to the rosource8. Offsètttng There has bean no off5811ing of assets and liabilitie8, or income and expenses. Grants and donations Granls and donations aro only included in the Sofa when the oeneral Sncome ro￿9n1tiOn ciiterSa aro met. Legacies are included in Ihe SOFA when receipt 15 probable, that is, when there has been grant of probate, the executors have established that there are 8uffi¢ient assets In th& estate and any conditions attached lo the legacy are either wlthln Ihg control of the charty or have been mel. L0ga¢l G0￿Mment grants No govemmenl giant rec&lved in 2024-25. Gitt Aid recéivable Is Included in Income when thefe is a valld de¢laralion from the donor. Any Glft Aid amount recovered on a donation 1$ considered lo be part of that gift and 1$ treated as an 8ddSllon to the same fund as the initial donallon unless the donor or the lemis of the appeal l)ave $pe¢Sfled olhemso. Where a Gift AILI donation is $ubsequently found not lo be valid, the donalkjn is added back. Tax ro¢laim8 on donatlons and gifts Contractual Income and Thi5 18 only Included in the SOFA once the charity has wovided thg relaleil good$ or performan¢o r¢latèd seNices or met the perfoTm8nce related conditions. grants Donated goods Donated goods are MeasU￿d 8t fair value Ilhe amount for which the 8$$91 ￿Uld b8 exchanged) unless imprartical to do so. Donatsd 8eryl¢es and fa¢ilitie$ Donated 88tvlces and facilllltr$ are Sn¢luded in the SOFA when received al the value ol the gift to the chadly provlded the value of the gift can be ffleasured reliabty. Donated 8eNices and fa¢ililies that are consumed immedlalety are recognlsed 8$ Incomg with an equivalent amount recogni8ed 8$ an expense under the appropriate heading in the SOFA. The valua ol any voluntary holp i¢ceiv8d is r￿1 included in the accounts bul is described in the Tru$tees' annual report. Volunt•gr help Income from deposlts and This is included in thè accounts whèn rècèipt is probable and the amount receivabl Invgstments can be mèasur8d reliably. MembeTshlp subscriptlons whlch give 8 member the right lo buy services or olv In¢om• from mombernhip benefi18 are recognised as incomo eamed from the provislon of goods and swl¢es as •ub•cription8 Income from charttable acllvllies. Subscripb'ons re¢&ived covering tho pericmj afterthe year end are treated as payments in advan￿ and 5h¢)wn In the accounts as creditors. Pag811 NOTES TO THE ACCOUNTS (Contlnued) 2.2 EXPENDITURE AND LIABILITIES L￿bIlIty rncognltlon LIa￿lItIeS 8re recognised vhere 1118 moro likdythan notthat Ih•r•1s B legal or wnstr￿￿Ve obligation commiibng ts charltyto pay out resourGO$ and the amwnl ollhal obligation ¢8n t¢ Measu￿ reascthble cedBinty. Th0&8 Costs relatinll lo tts lrfal r88Donsiblli1195 4nd tt* carrwna out of thwlrduik88 b¥the Thr•clix5 and Lthar Officer5. Gowrnance ¢o&ts Cr*dMorn charity créditors are mea$ur* at 8etU8m8nl arn￿Jnts less any trade dI$￿￿nts. Tax Charity 18 rLoI register￿ forVAT. The Ch8rity eiaim8 small tr￿ling tax eth￿pt￿n h rthrto be éxempl frc*n payiry Corporalkn Taxon its nort4tWiitth actlvities. 2.3 ASSETS Tanglbl• flx•d These are capi181lsed If W Gon be u88d for Ihpn L*&year, and co8t •l10g91 £i,oco. a8$9ts for They ara valued al cos¢. by ¢h•ilty The wnortisalirm rale$ and method8 used fire¢Jis¢lD&& in not8 8. Intan9lbl8 Tha charfty ha5 IntBnglble frA8d assel8. that is. nonrfnune18ry assets that do not hava rhysical substsnce bul are Idwtifigblo Ilxed asJèts controlled bylhe charity Ifmugh custody or legal rights. The Amortisalion tates and melhDds used 8n dlsc105ed in notè 9. Hirltag8 Tho charity h•s herilaga assets. th81 is. rrf)n-mon8tary 888et6 wilh hi$tori< artisbc. vAentyfi¢. te¢n￿l¢￿￿¥, 98ophy35c81 or environrntnw qualities that artr held maintaine¢J prirupally fortheir wntribubon to kn¢wA@d9e and Ilure. The fairwa1￿ In the ac(ounts Is descrlbed Sn nots 10. siockts ttald for 88le as part of non-cIHrfiabl8 trgd9 4re rnea6ur&J al tho Iwr of costor net real￿8b]e ¥aluE. GLK)ds LY3ervlces provided as part of8 Cha￿￿￿8 aC￿￿tYar6 m8awJr8d at net Malisable value basgd on s8Mce pokntial provfvJ8d by of.. stocks el new bth)ks acqulrthj for8al8 ate ordered In quantM8sludged likfilylo be sdd In tho market set¥ed by NTk Sorne knks Sell better IhBn others but there ar• very fewvAarnples of books Ihgt havè sold very slovAy. The SIC￿kS of Trolleybus Magazine 8re malnly accumulated because of Ihe need to prtnt enoLyh fordistributiL￿ to mombers Ythile allo¥*ing for 5urplu5 fortsale and publlcity putposes and for any damaged inlhe post. Debtors IindLttling IrBdedablor8 108ns rec•vabl81 me8¥ured ￿ inilial r8cognilion at S&ll￿mOnt amount afterany dI￿￿nIS or arwunl adYan¢ed by the cb8nty. Subsequenlly, they me88ured 81 th0 rA$h or otherconsid￿8￿on exppct8d lobÈ btorn Nots3 Incom• UnrMMGtqd lrtomo Analy$l$ of Incomo TotslfuThth Prfory•ir Grants Donatlon8 Doftalions and grfts Income T¥x rtclalmed on Crft Ahl. 788 69,648 9.166 78.812 70,434 10,008 80.442 2.648 9,0 Totsl 1,630 'iTh¢￿d60 prfla￿l ieco¥4ri¢* rtom mkmbernthlifees Charltable actlvltl88'. Member8. Subscriptions Sales of Merch8ndlse Maaling Co1￿CtIOnS 12,300 13,788 551 26 639 12,3CM) 13,788 551 26.639 11.906 13,922 579 26.407 Total Othertradlng a¢Wvltlès: Use of photograph collecbons Fee for private trolle Sandloft.. 5410 bus use of Ellou mont 780 780 17Q 950 780 170 17 Total 780 780 InGomo from Inve$tsnents'. Intèrest income- 4.768 4.768 718 718 Total ' GAlthmqt TOTAL INCOME 33.817 78,982 112,799 37,001 Page 12 NOTES TO THE ACCOUNTS Icontlnuod) Nots 4 EXPENDITURE An•lyel• of expondrturo unr•S￿£t•d R•¢trfGl•d Totalfvnd• Expendlturfr on eharftablè Stor8 of Trol ses and rnqnl. Movement and RestU8lv)n of Trolle 234 36,048 30.280 931 Buiwin runnin 4.561 4,561 4.431 Cost of mèithandis8 sokl nol•11 6.704 8.7Q4 5.892 azjne Printin 7.590 7.400 Maaazine Po51aoe and slat￿￿8 Ma9azin6 Olh6rCosis Meeting Room Hirè Total oxpondbt￿r0 on ¢h•rltsbl• o¢Vvlll•s 4.707 4707 4783 758 36.946 61. 24,895 Fundrdlilng Advthgng & Wgbsilg Totsl •xpendlture on 345 3ds 830 245 345 830 Gov•rnanco Officers, Travel snd Meeiingts Inoi& 71 Accountancy and Audit Amual G&neral Meeting 233 233 1.318 250 55 55 55 Totsl Bx ndltur• on Governanc• 288 1.623 Othèt and P8vPg1 Cha Totol oth•r •x es 3e9 389 433 TOTAL EXPENDITIJRE Othor Informatiorb.. Anaty*ls of Income and expendllurè oth &ctivib•8 IR•¢frlpts •t)d Paymonts bq¥lsl Actlvlty or Aetl¥lll•s ￿nI￿rt•kon dlr•cly Exp•ndknM N•t Nat 2Q2arL4 toraaè klovwhwnt and R￿toral￿n Of Tfoll$vbuk•$ 69.FA6 3fj.278 12.297 e80 3.D17 83.368 421 363 Adivrtv 2 Adivit¥ 3 aoszin* Cost$ exc de le￿8￿)n 780 1.90Q 1.900 6.975 1.600 8.128 Attivrty6 Sak of Trol￿ybUs bookg end ￿￿80 m•r¢h8Ddi$ 8.556 .uz -25D ELLOUGH STORAGE UNIT RUNNING COSTS: 10¢tr>b¥t2O24 -30 Sèptsmbo* 202$ 2.139 2023 to 30 Sèp¢emb•r 2024 Rentgnd Rate9 Service 8nd le¢u￿ych￿rq? ElgctrKJly Suppty Landloids Insurance AM¢￿$¥t￿n 660 28f 4.561 4431 M￿¥￿tart￿l has fecèbved *nceihe lea￿ WAJ acqulrnd. Based on J pmYw)u¥ bll Il couhy be appr0xim8le￿£17o pBr8nnutn. Rates ￿[￿4 by Srnal Bu￿￿¢￿3 F¢•t** R•l•f Not8 S Feos for examination of the a¢counts: Th1• y8•r It year Indop8ndanl ax8mln&rfs fees A8Burance ge￿I￿e5 other tnan indepefjdenl ex8miroih)n Tax advisory fees Oiher fgps Ilor examp￿.. fln8n¢lal advice. (w$￿tanCY, accountgw s•rwcesl paid to the I￿Oper￿n1 oxamlner.TrolWook$Av¢itol$ f99 INTA￿Y5 half of fee If ¢harg8dl nia nlB 25D NOTES TO THE ACCOUNTS (Continued Note 6 Remuneratlon and Expenses ThbB year Last year Number of employee6 during thi8 yèar or the last year Remunerabon paid to Directors Bonefils providgd lo Diredors Note 7 Directors. and other Offi¢ers Expenses ypeo expense¥ re urse ear Last ear Tr¥v•l Subslstence PoAtsttè and StatloD.e storaoo of St)arÉs 897 139 46 680 1.623 TOTAL 289 Tho numbor of Dlro¢tors and other Offlc•r8 ho werg pald expense# Note 8 Tangible fixed a$$ets 8,1 Cost Tanglble Flxed ssAèt# otal Flxed assÉt# Atthe beginning ofthe vear Addits'ons Al end ol the vear 152,842 152,842 152.842 .2 Amortisation Straight Line over 99 years cornmencing 131 B4#1# riion4Q Al the beglnnlng of the vear Impaimient Charoe forlhts y&8r Al end of th& ¥&af 10,036 10,036 11.580 8.3 Net book value Nel book value 81 the beoinnino of the vear Nel book value al the end ol the vear 142,8Ck 142,806 141,262 141.262 8.4 Impalrment Thero was no provision for irnpairmenl al 30 September 2025 There will be a prolo$$ional review every 3-5 years to detemiin• this provision. Note 9 Intanglble assets The Charty has the following inlangibk assets... Wehite Goothll lor Trolleybu$ M8g¥zine G(x)thwll for 50% Inlere$l in Tr?118ybwk8 Membership List Custemer List for sale of Merchandise No value has been placed on these 8$8ets. The ￿0 ti81$ aro 4ubject lo the DatA Piotectlon Art Paae 14 NOTES TO THE ACCOUNTS Icontlnued) Noto 10 H•rltsao a88els Thè signthcanca of the Heritage Assets 1$ set out in the Direetors, Report. The followin are con$lderod to be Herila e Assets Purchast Rg$toratlon ¢08ts lo date In6ured Roplacèment Cosl111 A¢¢ounts Valua 3010912026 Horfta Dats of Acqu155llon V#liJ Valuo 3010912025 PLirphAIIA 301Q912Q2 Boumemoulh 202 Huddersfi"e￿ 541 WO￿lhampton 654141 Belfast 168 121 Hastlngs 45131 BeWast 98141 M8ypino TB & equym8nt PhotooraphlG Collecuon R. F. Mo¢k cDlleclion Harold 8rearlev collÈetk)n LeDlne- sM￿h co1￿ctIon July 1965 £101 donated don8tgd donate donatod £1 donation £14.300 £53.655 £8.000 £5,QOO £1,000 £6,000 £2.000 £5 £3.ODO £10,O¢XJ £15.000 not opp1i¢0tAg not apD1icaUe not applicable not appli¢ab1e not appllcablo £250.rKIo £200.￿0 £200.L￿j0 £200.WO £150,LIJO £200,000 £50,OCQ £10,000 £15,000 £1.000 £6,000 £2,000 £500 £3.QOO £93,331 2025 2022 £6,000 £1.000 £7C(I £50 donauon £5.000 £5,1)JQ 2022 £11)0 £100 Tlm¢tsl>lo Colloction TImetab￿S Dublished bv British Transport Operators £400 re Parts and E TOTAL HERITAGE VALUE Note 1.. a$ses$ment of cost of buildlnq a replica. Note 2.. bein9 fe$loretl, nearing ccrnplelion. Note 3.. aw81tino roStor8tw)n Note 4.. r8Storation started Late 19eo$ £50.000 e78 500 £5,OOD £168.386 £25.000 Valua￿¢￿. Trolley Vehlcles The Charity's floet of SIX Trolley Vehlcle5 fotrn tha gr?at88t part ef its H8ritage Assets. Each Of these vehicles, In ￿y. 1$ unique and Irreplaceable by other authen￿C vehlcles. mAkSng valuallon a highly 5ubje¢tlve m8tt8r. Board con8lders that three prSn¢lpo1 Op￿0n3 exlst for the valuatlon of thes0 a55et5, n•m81y...... ' The Martet V8lue likely to be achieved tf the vehlcle werg lo be tran$forred to another lika charitabk tx)dy fmatket Value'j. It Should bg noted thal the opportunity for such transfers within the ¢horftsble sector Is 9feOlly mstrlctad. ' The Insui•d value olthe vehKb %vhorn It Is maint¥ined In working orderfor use at an 0￿rotIng musoum I"Insured Value?. ' The estimated total rebuiKI ¢08t ofthe v8hit￿ follLJwng major damage or almogt totsl do$liuctlon. It should be remembeed Ihat the herftage valyg of a vehlcle almost tot•lty reconslructed. and thus effe¢tsv8ty a repllea, IB much lass than that of an authethtit original I"RebulW Co$l'l. For Ihe purposes of this 5umrngry, Board censljers ft prudeftt to 8dopt thè grèater amounts un¢er Maiket Value •nd Insured VBIu•. glvlng a iotsl ef £47.600. However, thi$ ¢annot bo eenslrued a$ Falr Value und8r th• SORP rula. Vèlu•llon4pv• Port• and Equipm•nt Th& Chsriiy ha5 4TllOs$od a quantity of aulh•nti¢ $pare part8 and equipment appropriate for u96 Sn the rasloration and contlnugd cperation of ils fleet. Some of these ctsmponents ar8 alm051100 years old, many produc8d by manufActurer5 that have long slnce dlsappeared. and ¢upllcates aT8 now rn￿t unllkely lo be found. Eventual use of these compttnents in restorgtlon programm88 ￿11 substantially reduce the tetsl ce$ts of thos8 programmè$. It n8 85tirnated that the total value of all such spare p8rtS 8nd eq￿￿M¥nt Is of th* order of £50,OC(>. A key L85ue h fore¢a5tiny which of Ihoso w511 be used lo restore or ropglr NTA vehicles and bvhi¢h might b8 scld for use by ether presèrvation projects. The￿f¢re. thll8 Cannot be construed as F8irValu8 underthe SORP rule. As therg no inventL4y to support tho ffigur¢ of £50,000, thh HerRaga Asset has been valued tempoiarlly at £5,000. Hlstorlcal documents. pl#n•. •rtefa¢ts rt¢ and Ar¢hI￿ ¢oll¢¢Uon• The Charity maintalns an aichive of Such mat8ri81 ralavant to Irolleybus operation both In 8rltaln ond abroad. Some photographs and tho timetab1• co1￿ctIon were purch8$ed and their m8rk8t valuo Is kn¢)wn. Scrne such it•ms provhle Valuab￿ sources of Inlormatlon lor future ie5•3rch and the artefacts would achieve si9nrfi¢ant prices rf tsffertd for $818 on thé open mork¢t. It is oxtromèty diffKult to pl8co a Value on such items bul the Board considèrs th8t a figuro of £5,000 In tot81 ￿U$j bè 8 re8$onablg conservatwe e$limate ￿ the fair value underthe SORP NI8. P8o815 NOTES TO THE ACCOUNTS (Continued) Note 10 Herltage assets (contlnued) H•rltag& Asset Loans Troll•y Vohlcle$ 1. Bourn•mouth Troll•ybu8 202 v an aorotrment datod 10th Mav 2008. B¢*urnomtsuth tr¢llevbu8 No 202 1$ on108n to the E•sl Anali Transport Museum Society Ltd for a period commencina 1st January 2008, renewablo in 2025. The said Society 18 entitled to all income arisinq from exhibition and operation of thi6 vehiclo at theirTran8POrt Museum p￿rniSes al Cadton colv1l￿.The vehicle is ac¢ommrKlated and Serviced ￿nt f￿e. 2. Hudder8fleld Tmlleybu¥ $41 BY an aArgement datod 27th April 2008, Huddersfield 541 is on108n to Sandtoft Transport Centr8 Ltd for rant aor88d for p8ri0ds d8tormingd £2,700 paid in November 2022 for 3 vears in advanc& from January 2023 to Dec8mbgr 2025. This rent paid in full forth8 3 year temi. A fog is pavable to thg NTA when 541 is operatod. Note 11 Stocks Other tradlng a¢tlvltle$: Th18 L¥8t y￿r Oppnlny Stock at itart of ytrar 7,151 7.049 Added In ygar 8,780 5.794 13.931 12.843 6.703 5,692 cI￿lTrU ¥to¢k •t gnd of yfrllr 7,228 7,161 Ch)slng Slo¢k ¢onsi$ts of Books & Vhleos total.. 7.228 51 Publicatlon8. ¥lde08 and mthy￿S for re-5al8 are valued at COBI except for some Troleybook¥ stock and Ll¢do m(xl81$ valued at nll. The stock 8nd back numbers of'Troll8ybus M8gazlne' are Trot Includ&S In the accoun15 due to the ut)certain nature ol Ihetr rèallsaN6 value. Note 12 Analysls of debtors Thi¥ vèar LA8tv•ar Trade dabtors Prepayments snd accrued incom8 Gift Ald Incom8 tax rebat8 416 2.201 13,219 15,836 1.101 3.955 e.309 11.376 Totsl I trade debtor6 due orffj year. Note 13 Analysis of creditors Amounts falllng dug wlthln on? ygor Amounts lalllng du• altsr moro than on• y••r Th18 vear Lait vear Thls voar Last V8ar Trade creditors Acxruals and d&ferr8d ineornè Subscriptions paid in advanc Other wditors 4,370 4,211 3,437 5,382 2,206 711 Total Pa98 16 THE A¢¢OUNT -IContinued)_ Note 14 Charltv funds 14.1 Dfjtal￿ of mot¢rf•l fund• heldjnd movements durfn ¢hfy CIJRRENTreporUng porfod wto 30 S•pt8mber 202S ballnc brought ft+M4rd baLgne•A ¢4M•d forfmrd Fund n•m+• Ror WPDB•and Re•lrfclion• InEorn• EN •￿AtUr0 Troii• 5fj64 R¢¥lor4lKw *id Sl Resioraiion and St R*slor8llcffl ￿ Skraye Rfj$lNatkn Storg RestCiAiion stor306 and ReJtoi#tiOTh. Xtots 71 1SD Ha$iino8 Troll•v￿¥￿S 8eKa5t Troll•ybJ1 1¢$ laBtTmiievtyJ19 HuJthr5fieldTroll bJ6 541 4.0 1.187 2.7 5.918 2.2 787 2334 rallon 15.425 knl V•nbs6to Pkl)Il*h Trdi bul 1974 3500 Builalw PurchaB•olSI 142.808 Totsi R**biÈtod F￿nd$ UThre9tr￿I￿1 UryeSlrfcied 188.8OB d7 1fJn tO.•SB 142.4J1 Fr•• R•MryeJ 35e.713 T¢ial Fund$ as p•r bil•nCo sh•Dt S91,411 Nptslg Tablo8 14.. r ur•¥rn t iolotslj duo t0four￿l 25.582 12,528 355.135 115,273 erroii ThDEnfvmgThtFund Gurr8nl 4.2 tMai18 0 mai¢ Yhelda overnentB du ¢hèP rti od 202&24 bHlan¢•• btouoht fDr* F￿n￿ Iic*u' Pu￿1￿ qnd R••irtctknnB rrt•d Incom• ur• TThnsf•r Wolvethammonrr￿ltykn 6 Hasdn9$Troll¢ybuD 45 Trol* bu$ 16 H1Mfagfs￿rQ Troii Tro￿¢V￿o0¥S Fund 12.815 Re￿o￿tIOn and St(¥gqe Reutoraiion sttta RestCKBlion a￿1 S￿9 bqok5 PwthaEooI S 17,191 U5 $41 2.484 750 111723 47 100 352.806 5BI,1 7.160 unre$1rt￿ell un￿&t￿￿ed ur￿8￿1$8￿ R￿SlU4t10Th Rwrye Frte RÈserya$ Tot•1 Fund8 49 pgrbg14ncg shègl 2S950 27.781 ¥•.Q7J J92,42Y 14.3 Dos1 n•teo uno$ as at 30th lemb*r 2025 (IN•Atrl¢ld4 RA$4ry#A dfiAlnfhA_IAd In Dila Free uAcestri¢le,a AmoutstÉ 3SS135 P4• 17 NOTES TO THE ACCOUNTS Icontlnuedl Note 15.. Jolnt Voniur•- Troll￿bOOkI Jolnt Publlcatlon Pan•1 Cv The Troilèybooki Jolnt fTh8 Pandl is aioinl YOn￿re0WnFA In equd sharea by the 8r1119h T￿19y&V3 Swlety la regieleiqd chaiilyl and NTA119531 Limltoa. Thg P•nel 8iomi sU￿cOM￿4ttO0 ofthw•two O￿an￿o￿oi•. Th¢ P8n¢l'g •ff•li• 8r¥ go¥eM￿ by# c4nJlilubon, th• ￿rrOm¥£r￿on Olvjh￿h l$d8tfjd SFptern4er2014. The Pon¢l'g ¢on¥iiluuon offimi$th•ttt• t￿¢1￿ i¥ to p￿rnh￿J adl eny m&tsrfBI rel0￿￿ totrdWxswhl¢h rn4yb• of Intw•¥ttoth Mem￿rI0[the tso 10&4ti4$, ortotho publl¢•i INlQt. 1hwebyoone￿tp kncorneto 1￿hertheobJth0b ofthè tsvo¢hgrlkn•. ou The2025 annuol &CLvJnkn of TrolleytwwkA b¢ 0￿min•3 by •Th&uditOr. Th&exeminaUon wil In￿u&e4 ievtew olthe OCCOunting rscordA k•pi byth• Pand and a ¢ompari$ty) ¢llho*¢ountJ WO8ented e￿n81th0 rocoirJi. 11 will also indude scrullny olany 4nusu81 1￿m# ¢rdi$￿0￿reS in ￿￿8¢¢1￿nI¥, and eeek¥eYdanatkns tho Panel membern ti¢trniNJ itgms. The pl<￿￿re• do not P￿d8 all the e￿￿nce trAIwou￿ ￿requIred atan oudi14nd, congwwniiy, h•doo1 n￿*¥¢￿¥ an OFIn&￿ on Ihe byts4¢COUlltè. Y•irEnd•d 31 tl•c•mbDr2016 J1 Dec•mbDr20Z4 Sah¥ and s¥rostof Sa 8.254 3.408 4.724 10.S7D 4021 5.73 4.724 0¥9th99th N•t Profit 3.947 4.144 Balan￿ 3h•ot 4,155 2245 4,425 O¢ots 85￿￿q¥ 7.250 1￿Cl•d ASSEts 349 14.742 9.88B AvÈllablpfoi Dlstsku al￿ ai 1$1JaNary NetproThiT¢*lhèVlar t4,092 7,Jl8 4,144 ,492 1vx￿lUndlt￿rnWJ 32 DtstrlbuWIo". Bribeh S NTAl1k%31 Balance &)1•t0e¢￿ber I￿￿￿1 Fund NetA98ol$ 9,639 14.692 NTAIIg$JI Lknlt•d R••vf¥•SthtqrnMI or￿￿c@&I 1*Jwuery DI8￿￿¥0n￿I0cel¥•d Fu￿J￿ ￿¥ll￿r￿d ShorgrfPronl tran&f•rto SCfA Llndl•trfbui•d R•UN*• 3.871 1,60D 2,072 25 4M45 25 7.35B Il•tlnv•$tm•nt Ol￿d￿Jh￿s0f EI0(W)Wewdtu IhB ￿n￿h1￿￿¥bUll SDC NTAl10631 Lid 1 Ookibgrto31 DK¢m￿r2D?5 Nots 16.. R•lAtsd P•rfy Transactstsho TroWbu•, 8owrArThth248.*td¢hl$(AwgdtyO*•hJ Pggr•M4ndO*•hJ L•AThn¢•, Dltociorsof NTAll￿) L￿le￿. KI￿0￿￿1 th•Ch&ty• EIIW 8t(lag•1￿￿ty. A¢omou1K*lOT £7EOtotheNM*¥ LwlsofthDjtowofed￿tyWal P￿1 INDEPENDENY EXAMINER'S REPORT ON THE FINANCIAL STATEMEl¥fS To th• Member• ol NTA {1963) Ltsl L report on the accounts of the Company for the Yur ended 30 Seotsrnber 2025. ResP•Ctlv• r•¥￿￿$￿IlItIeS of Dlr•ctor5 Examlner The c￿￿ty'S dIreCt￿ are reswnsibk for the prep*n￿on ofthe accounts. The Chad￿,$ dlreLtors ts)nS￿er that an audll Is not required for thls year under sedon 144 of the Chariues ALt 2011 Ithe Charfdes Act) and that an Independent examlnauon Is needed. tt b my respon¥t￿lIty to: exarnlne the accounts under sectlon 145 of the Charltles A￿. to follow the pr￿ed￿re5 lald down In the general dlrectlons given by the Chorftv CThllmlS under sethon A451Sllbl of thè char￿eS Act.. a to state whether any partkular mattets have c¢rne to my attentK Ba51s of fnd•p•nd•nt èxamlner's st4t•m•nt My examinatknn was carried out in attoroortt wlth the general dlredons olven by the Chartty Comlsslon. An examlrnatth 5ncludes a revlew of the accountyng records kept by the chatlty and a comparistsn of the accounts presentsd wf(h th0￿ Tecords. It also Includes consIdera￿On of any unusual ￿ern$ or dls£4)sures In the accounts, and seeklng explanations from the dirertovs concemlno anv such matters The orocedures undertaken do net orovlde all the eVIden￿ that would be reoulred In an audit. ènd conseQuen￿V no oplnlon Is given as to whether the acwunts Dresent a *nJe and falr vv&w' and the reoort Is Ilmtsd to those matters set in the statement below. Inde￿nthnt •xamfner's stotsm•nt In connethon rny exjminatknn. no m*er4al matters have come to my attentlorb: whth glves me cause to belleve that any material respect: •¢counllng record5 were Dot kept In a¢o)r¢anc8 Wth sed￿n 130 of thg cha￿t￿l Ad or Ihe accounts do not ae¢ord ￿th the a¢counting record¥ or lh¢ accourts did not compty with the apP1Kab￿ rnqUir￿etsts ¢on¢erning the form and c4ntent of a￿o￿nIS sel out in the ChAlitle& (A￿￿￿t8 and Reports) Reuul&lion$ 2008 othw than any re4uwemoDt Ihat thè 8ccouTrts gr￿ a and fair, viv* whKh is not a mattei¢on$idèr8d 88 part of an independent exatnlnaiK)n. I have come armss nD other matters In connectkin ￿ the exaMina￿On te whlth attent￿n sFthld be drawn i orfer to enab￿ to a proper understandln9 of the accounts to be reached. Narnw. ￿ Slmons Addr••8 8 BeThtsTd( Ptate Wewn Gardgn Clty Hertfordshire AL7 4TU D•t•d JJN/C 2026 Pag• 19